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Financial & Banking

BCR Romania Manufacturing PMI: Downturn Sustained Across The Romanian Goods- Producing Sector In August

Monday, September 9, 2024

Romania’s manufacturing economy contracted again in August, as firms continued to contend with weak demand conditions. Though there were sustained falls in output and new orders, the rates of decline eased. Purchasing activity was trimmed at the quickest rate on record. With that, cost pressures cooled slightly, but were nevertheless still elevated. Selling prices rose at the fastest pace since ...

Fondul Proprietatea posts RON 212.9 ml net profit for H1 2024

Monday, September 9, 2024

Fondul Proprietatea ended H1 2024 with a net profit of RON 212.9 million, compared to a loss of RON 680.3 million in the similar period of 2023, a company report informs."The Fund's liquid assets during H1 2024 included current accounts and bank term deposits. All instruments were denominated in RON, with maturities of up to one year. The most important cash inflows during H1 2024 were related to the proceeds from disposal of the entire stake in ...

ICI Bucharest backs BNR and ASF in preparing regulations for the digital market

Monday, September 9, 2024

The National Research-Development Institute in Computer Science (ICI Bucharest) backs the National Bank of Romania (BNR) and the Financial Supervision Authority (ASF) in developing a robust legislative frame and regulations about the digital assets market.   According to a press release of the institution, the initiative is meant to ensure a safe environment for ...

Romania's adult financial inclusion rate advances to 71 pct

Monday, September 2, 2024

  Romania's adult financial inclusion rate has advanced to 71 percent from 68 percent two years ago, reveals the market survey "The Romanians' perception of the banking system: lending and the Romanians' financial inclusion", conducted by the Romanian Institute for Evaluation and Strategy (IRES) and commissioned by the Romanian Banks Association (ARB).According to the survey, approximately 77 percent of men use banking products and services, ...

Atypical Summer In The Consumers- Banks Relationship

Monday, September 2, 2024

During the summer months, consumers sent 50% more requests to the Alternative Banking Dispute Resolution Center (CSALB) compared to the same period last year, and the number of negotiations between consumers and banks is 60% higher than in June, July, and August of 2023.   For example, in the first week of August, consumers submitted 114 negotiation requests to banks, the second-highest weekly number this ...

Salt Bank draws 250,000 clients in first 100 days since launch

Monday, September 2, 2024

Salt Bank, Romania's first 100% digital neobank, has seen remarkable adoption, with over 250,000 users embracing its innovative and fully digital banking experience in the first 100 days since launching in the spring of 2024.    Salt Bank aims to blend the financial stability of a traditional bank with the agility and user-centric approach of a fintech.  "We aim to change the rules of the game ...

Revolut reports over four million retail customers in Romania

Monday, September 2, 2024

Revolut, the global fintech with over 45 million retail customers, has surpassed 4 million retail customers in Romania, its first market in the EU by number of active users and the second largest globally after the United Kingdom, the company reported on Monday.Over the last seven months, the bank processed an average of 103 million transactions for customers on the local market, with a third of them being card payments (33 million payments)With ...

Differences In The Investment Behavior Of Generations

Monday, September 2, 2024

* Millennials and Gen. Z prefer risky and non-traditional investments, while Gen. X and baby boomers are more cautious.   Understanding how investor behavior changes over time is crucial, as it provides insights into potential shifts in the markets. It is estimated that over the next twenty years, approximately 72 trillion dollars in assets will be transferred in the United States alone from the ...

IBANFIRST ANALYSIS: Central banks are back in action. The Fed is preparing to cut interest rates

Monday, September 2, 2024

The Fed is expected to cut interest rates by 25 basis points in September, a measure considered enough to maintain economic stability in the United States.   The European Central Bank will continue to cut interest rates by 25 basis points, although a more aggressive cut of 50 basis points would be more justified given the fragile economic situation in ...

Minutes of the monetary policy meeting of the National Bank of Romania Board on 7 August 2024

Monday, August 26, 2024

Publishing date: 20 August 2024   The National Bank of Romania Board members present at the meeting: Mugur Isarescu, Chairman of the Board and Governor of the National Bank of Romania; Leonardo Badea, Board member and Deputy Governor of the National Bank of Romania; Eugen Nicolaescu, Board member and Deputy Governor of the National Bank of Romania; Csaba Bálint, ...

NN paid over 575 million lei to insurance and private pensions clients in the first half of 2024

Monday, August 26, 2024

NN life, health, and home insurance clients and participants to the pension funds managed by NN benefited from over 575 million lei in the first half of 2024, up nearly 30% compared to the same period last year. This reflects the financial support people can rely on when they need their insurance, and the contribution private pensions have to the revenues needed to maintain their lifestyle at retirement. The strong performance across all business lines in the first ...

The highest claims paid by Omniasig in the first half of 2024 were for fires

Monday, August 26, 2024

Fires are the main cause for the highest claims paid in the first quarter by Omniasig Vienna Insurance Group,the  highest claim paid being 19.5 million lei, according to a press release .This claim was offered, for Property, after a fire in a production warehouse and at the level of the equipment included. The second highest claim paid for property was of approximately 3.3million lei, paid followinga fire at an equipment for waste recycling. The third, ...

Alin Latu, Country Manager for iBanFirst Romania, expands role to oversee the fintech’s operations in Hungary

Monday, August 26, 2024

Alin Latu has seven years of expertise in the foreign exchange market and international payments. For the past three years, he served as Country Manager for iBanFirst Romania.   The promotion comes after the successful results registered in Romania: increase of 100% of the business year-to-year and 565 companies onboarded as ...

Romanians' credit property purchases up 40 pct in H1 2024 

Monday, August 26, 2024

The share of Romania's credit property purchases increased 40 percent in H1 2024 from the same period in 2023, shows a survey by real estate agency Re/Max Romania released on Tuesday.Among the factors that determined the increase in lending for home purchases were the reduction of bank interest rates and bank dedicated offers."The specific of H1 2024 was a more active approach by real estate buyers, reflected in a 5 percent increase in the volume ...

BRD Partners With The European Investment Fund (EIF) To Guarantee Loans To Finance Sustainable Projects

Monday, August 26, 2024

As part of its sustainability strategy, BRD Groupe Société Générale has entered into a new partnership agreement with the European Investment Fund (EIF), aimed at supporting Romanian companies in the ecological transition of their economic activity.   The Sustainability Financial Instrument is a portfolio guarantee product (RRF Sustainability Portfolio), which subscribes to the ...

Romania’s euro adoption remains in limbo, poll shows

Monday, August 26, 2024

The expectations for the country’s euro adoption expressed by analysts surveyed by CFA Society Romania range between 5 and 20 years, with an average of 11 years after filtering out the opinion of an analyst who expects Romania never to join the single currency area.   The wide range of expectations is consistent with the lack of a plan for the adoption of the euro and the current situation in which ...

Banca Transilvania reaches 1.81 billion RON in net profit end of June

Monday, August 26, 2024

Banca Transilvania recorded a net profit of RON 1.81 billion in the first half of this year, 42.6% higher than in the similar period of 2023, according to a press release sent on last Tuesday. During the mentioned period, BT financed companies with RON 11 billion and individuals, with RON 4 billion, and through SME Invest Plus granted financing of over RON 2.4 billion. The number of active customers continued to grow and ...

BCR & Erste Group Fund Nala Renewables’ €214M Romanian Wind Project

Monday, August 26, 2024

  Nala Renewables, a global power and renewable energy investment platform and independent power producer (IPP), signed a financing package for the EUR 214 million acquisition and construction of a 99.2 MW onshore wind project. Banca Comerciala Romana SA and Erste Group AG will finance the project costs and provide ancillary facilities as sole lenders, BCR making available also the VAT facility and acting as a facility agent, security agent and account ...

Balance of payments and external debt – June 2024

Monday, August 19, 2024

In January – June 2024p, the balance-of-payments current account posted a deficit of EUR 12,176 million, compared with EUR 9,087 million in January – June 2023, the Central Bank’s data inform. The breakdown shows that the deficit on trade in goods widened by EUR 1,868 million, the surplus on services fell by EUR 1,064 million, the primary income deficit increased by EUR 603 million, while the secondary income surplus grew by EUR 446 ...

Communication regarding the interest rate on interbank money market transactions of 14 August 2024

Monday, August 19, 2024

On 14 August 2024 there were no transactions on the interbank money market, the Central Bank (BNR) informs. Consequently, the daily index will not be calculated for that day and for the quarterly benchmark index only the days in which transactions took place will be taken into account.   The daily index on the interbank money market is calculated every business day as a volume-weighted mean of interest ...

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